"Smaller companies need not bother with cyber insurance..."Tell that to one of my clients who has just copped $60,000 in software/hardware and service costs after a hack from India. Covered by their policy.Just because the likelihood is rare does not mean it won't happen. With that logic why would anyone buy a fire policy? Low chance of it happening right!? Much more likely to have a Cyber loss than a lot of other exposures we talk to clients about.

Smaller companies might have a greater need as they are more exposed in terms of poorer security, lack of staff rules/knowledge around opening suspect emails and higher financial susceptibility to even small losses.

It would be very dangerous for any Insurance Broker not to advise their clients of the Cyber exposure their business faces. Unless a business has nothing at all to do with any computers, IT or digital systems, which would be rare, all would have some degree of exposure.